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alc1947

Can I sell the freehold to someone and how do I go about it?

As I own a freehold ground floor flat I've been told that it's not possible to get equity release. Is there any way around this problem?

Asked on Aug 18 2011, Home Finance in Paignton | Report content

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    Leaf1

    It is unusual to own a freehold flat in this part of the UK. These are normally found in Scotland or East Yorkshire! What is more common is a cross-freehold arrangement whereby the owner of the lease on the ground floor flat also owns the freehold for the first floor flat and vise-versa, These titles MAY be acceptable to lenders. The other possibility would be that you own the freehold of a house subject to a leasehold on the first-floor flat. This will occur where the owner of the house converted the first floor into a flat and then created a lease on it but continued to live in the ground floor. If he subsequently sold on the freehold interest when moving out, you would end up with this situation. Lenders do have problems with this. Simply selling the freehold to someone is not usually viable as it is more trouble than it is worth. A solution might be to enter into a form of limited company with the other leaseholder and set up a joint freehold. He/She would have to agree, of course!

    Answered on Aug 18 2011, Report content
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